Marcus Today End of Day Podcast – Tuesday 2nd May

ASX 200closed down 67 to 7267 (-0.9%) following a violent fall after the RBA surprised the market with another 25bps rate hike. All sectors are in negative territory today. Energy sector lost all of yesterday’s gains, down 1.5%, with WDS down 1.6%, STO down 1.1%, and BPT off 2.7%. Coal cooled with WHC down 2.3%, CRN down 1.2%, NHC down 2.0%, and YAL fell 0.5%. Gold is broadly down with the market, EVN down 0.9%, and NST down 1.4%. REITs worst performing sector today, falling 2.2%. GMG is down 1.4%, and MGR slipping 4.2%.Retailers weren’t popular either, with WES down 1.3%, DMP down 0.9%, and JBH down 1.3%. Banks down along with everything else. The Big Bank basket down 0.3% to $176.16. CBA down 0.3%, and NAB down 0.3%, should see a boost tomorrow after the market has digested rate news. Tech getting whack also. The All-Tech index down 0.6%, and SQ2 down 1.5%. In corporate news, Macquarie Equities Conference kicked off with many companies presenting. WOW down 0.8% decreased despite reporting an 8% increase in sales in its third-quarter trading update, QAN slipped 3.0%, following the announcement that Vanessa Hudson will succeed Alan Joyce as CEO, HLS +1.7% sold its Montserrat facilities to Nexus Hospitals for $127m, and EDV -3.6% after reporting a 3.7% rise in sales in Q3 trading update. In economic news, RBA hiked rates by 25bps today taking the market by surprise triggering a market-wide sell-off, no sector safe. Asian markets mixed, Japan down 0.1% and HK up 0.3% with China closed. Bond yields soar, 2-year bond yield rose 23bps to 3.27%, and the 10-year rate up 11bps to 3.46%. Bitcoin down 1.54%. Dow Jones futures down 10 points and Nasdaq futures up 1 point.
 
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